Founder of Liverpool retailer Home Bargains, Tom Morris, pockets more than £1bn in dividends windfall as value chain rings up annual sales of £4.2bn. Tony McDonough reports
Liverpool discount retail chain Home Bargains is reporting an 11.7% rise in annual sales to £4.2bn with pre-tax profits also rising 35% to £454.8m.
These latest figures were revealed in the annual accounts of Home Bargains owner, TJ Morris, for the 12 months ended June 30, 2024. The higher figures are attributed to the opening of new stores and higher sales.
It means tycoon Tom Morris, who founded the business more than 40 years ago and still owns 98% of the shares, will pocket the lion’s share of the £1.22bn in dividends paid out by the company during the years. The Morris family is already worth more than £5bn.
Home Bargains is Liverpool’s biggest private sector employer and now trades from more than 600 stores across the UK, employing more than 22,000 people. Its headquarters and main distribution depot is at Gillmoss in North Liverpool.
TJ Morris says it intends to eventually grow the Home Bargains retail network to between 800 and 1,000 stores.
In its annual report it said: “Further additions to retail outlets are planned during the year to June 30, 2025, which should lead to further growth in turnover and profitability.”
Mr Morris is also using his wealth to invest in property development in Liverpool. Most notably he has teamed up with established developer Beetham, via his investment vehicle KEIE, to build a cluster of skyscrapers close to the city’s waterfront.
They are planning to create 1,200 new apartments in several tall buildings on what is currently the King King Edward Triangle industrial estate, which is part of Peel’s Liverpool Waters estate.
In August it was revealed the developers had acquired a further plot on the edge of the site, an engineering works. This would take the total area to 5.7 acres.
Home Bargains main rival in the value retail sector is B&M, which is also based in Liverpool. Its headquarters and main distribution hub are located across the city in Speke, close to the airport.
In June last year, Stock Exchange-listed B&M revealed annual sales of £5.5bn in the 12 months to March 30, 2024. It operates 741 stores in the UK under the B&M brand, 335 stores under the Heron Foods and B&M Express brands, and 124 B&M stores in France.